Is this format of formal letter is correct?
Or some changes is required?


The format is correct. 

Simply after the complimentary close, you need to write the sender's name and designation (if applicable) and signature.

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Salutation will come before Subject Heading. At the end there should be sender's signature. Body is also divided into - Introduction, Body, Conclusion.
Everyelse is correct
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What are you looking for?